Over the last three weeks, Ripple’s XRP cryptocurrency has been raising in price slowly but steadily. As we write this article, it’s trading in green numbers at $0.422 even during the current bearish run of the market, which means despite regular market dips, it’s doubled its price in a relatively short time.
Moreover, for some days during the recent period, it’s been the world’s second coin, beating Ethereum. But will that be consistent? Should Ethereum be worried? Well, maybe. Ripple advancements and XRP’s massive growth is undoubtedly putting Ethereum’s dominance in question.
Ethereum came live in 2015, and it quickly became the most crucial blockchain in the world, second only to Bitcoin. It became the dominant platform for smart-contracts and many of today’s most exciting blockchain technologies came to life using Ethereum’s operating system (Tron and EOS are the primary examples).
But now, Ripple (XRP) grows while Ethereum is shrinking
Before this September 18th, the gap between ETH and XRP was huge. Ethereum’s market value more than doubled that of Ripple’s. As we write this article, the difference among both assets is around three billion (17 vs. 20 billion). If things keep moving in the current direction, this gap could close down, and even reverse in the next few weeks, if not sooner.
The recent XRP bullish run is the highest it’s ever had. It went up by 200% in fewer than four days just a couple of weeks again. And now ever after yesterday’s market crash, Ripple’s XRP is leading the green army, but Ethereum still rests in the red forest.
Current Ripple rise could be the result of several factors
First of all, there was the Swell conference last week. That’s Ripple’s yearly reunion for investors and partners. It was supposed to be a low-key, routine, event, but when this event is about to happen, the price rises each year as speculators try to get in the action just in case a big announcement will shake the cryptosphere. That brings prices up, if only for a couple of weeks.
But there was an actual announcement this time. Ripple’s new xRapid platform is live as of this week, and it already has three partners using it at the production stage.
The difference between this and other of Ripple’s software services is that this one actually uses the XRP token to settle international transactions. Previous Ripple applications could use XRP, but it was optional. The new feature is expected to boost up XRP adoption around the world.
Another possible factor behind current XRP surge is the speculation that SWIFT (the biggest Ripple competitor as we knew some time ago) could surrender to Ripple blockchain. After Banco Santander going live on SWIFT GPI, rumors of SWIFT using RippleNet under their GPI shadow have heightened. This all more likely has triggered current Ripple spike.
What’s wrong with Ethereum?
Ethereum, on the other hand, has been going down all year. While it remains the world’s main platform for implementing smart-contracts, lots of complaints have been published all over Twitter, Reddit, and other social media about the network.
It’s becoming too slow, and the gas price is becoming too high. Also, earlier this year two of Ethereum’s most important users (Tron and EOS) left behind the network and the ETH token to star their own Main Nets.
On top of that, last month the network was basically taken over by users playing a simple game and that made bandwidth very scarce for many other projects.
Ethereum remains the most essential cryptocurrency after Bitcoin, which means that if it does poorly or if it falls to third place, the market will feel the psychological hit as well. Is this really possible?
We can’t say for sure. But as Ripple’s successes become apparent and Ethereum’s failures do as well, it is possible. And this is just the beginning. Other tokens such as Cardano’s ADA, Stellar’s XLM or Tron’s Tronix are either doing well in recent days or still looking very promising for investors.
Ethereum has grown used to be the only game in town besides Bitcoin. It’s going to have to think twice about that now as Ripple’s XRP has come neck-close already.
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Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Global Coin Report and/or its affiliates, employees, writers, and subcontractors are cryptocurrency investors and from time to time may or may not have holdings in some of the coins or tokens they cover. Please conduct your own thorough research before investing in any cryptocurrency and read our full disclaimer.
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Smart MFG Tech Announces its First Liquidity Mining Rewards Program on LINKSWAP
Manufacturing Industry 4.0 company Smart MFG Tech has announced that it is launching its MFG Liquidity Mining Rewards on LINKSWAP today. LINKSWAP is a decentralized, community-governed Decentralized Exchange (DEX) and an AMM platform, which was created by YF Link (YFL). The team at YF Link says it aims to address “the pain points of second-generation AMMs” by offering such features as Reduced Impermanent Loss, RugLock, SlipLock that are not offered by other platforms.
Smart MFG Tech has said that the first integration of the MFG liquidity mining rewards will use the LINKSWAP LP (Liquidity Provider) Rewards service. It will allow LPs to deposit their LP token(s) (UNI-V2) to the participating rewards pool (ETH|MFG) and earn MFG rewards seamlessly. Smart MFG said it will continue to work with the YF Link team to provide support for other pairs and expand services.
LINKSWAP’s Rewards is a liquidity mining service that enables LPs to earn rewards for providing liquidity in a participating pool. YF Link has implemented a custom frontend solution for Smart MFG LP rewards pool on LINKSWAP. This will allow LPs to add liquidity to Smart MFG’s existing ETH|MFG pool on UniSwap v2 and deposit their LP token(s) (UNI-V2) to their LINKSWAP rewards pool (ETH|MFG).
Smart MFG explained how the rewards can be earned:
“LPs get a share of the transaction fees on Uniswap v2. This is calculated by how much liquidity is provided relative to the percentage…
Building Your Nest Egg Brick By Brick: Are Micro-Investments Here to Stay?
No matter what our goals are, sometimes just getting started can be the most difficult part of building our savings up. When it comes to investing, many of us are wary of parting with our money to generate more financial security in the future. But what if you can build significant savings without even noticing?
That’s the aim of the micro-investing apps that have come to dominate online stores across Android and iOS. Today, more fintech startups are working on delivering refined solutions that encourage minuscule investments at a more frequent rate.
Micro-Investing apps will look to make saving more accessible to young people – many of whom in the UK have little-to-no money tucked away for a rainy day.
However, the prevalence of money-saving technology and the disruptive chaos of the COVID-19 pandemic appears to have prompted a widespread increase in households saving more of their disposable income:
With micro-investing platforms playing a role in bringing UK household savings back up to five-year highs, is it fair to say that little-by-little investing is here to stay? Let’s take a look at how micro-investment platforms could revolutionise how we manage our finances:
What is Micro-Investing
Micro-investing, or sparse change investing, is a relatively new development in fintech. It effectively enables users to put away small amounts of money towards their long, or short, term goals. The idea…
Decentralized Insurance Platform Bridge Mutual to Launch BMI Token on Polkastarter
Bridge Mutual, a decentralized platform that allows users to insure stablecoins, has announced that its native BMI token will be launched on Polkastarter tomorrow, January 30. The Polkadot’s decentralized exchange will host an Initial DEX Offering (IDO) for Bridge Mutual.
“Even the most sophisticated digital asset investors are at risk of losing their funds through various malicious and negligent activities in the blockchain ecosystem. With Bridge Mutual, we believe it doesn’t have to be this way. Using Bridge, people can control the risk exposure of their digital asset investments, just as they do with real-world assets. The Bridge Mutual platform allows people to offer and purchase coverage in a decentralized p2p way. We’re excited kickstart the launch of the BMI ecosystem with a launch on Polkastarter and creating a better way of protecting digital assets for users all over the globe,” Bridge Mutual CEO Mike Miglio said in a statement.
Bridge Mutual allows users to buy and sell insurance for smart contracts, stablecoins and crypto exchanges, peer-to-peer. Users can purchase insurance via the Bridge Mutual app and then file a claim if their digital assets are lost after a hack. “When users lock stablecoins in Bridge Mutual’s coverage pools, those funds are reinvested into popular (and safe) yield generating platforms that return yields to coverage providers. When a claim is approved, stablecoins from the coverage pool goes…